Ms. Lucy Waters reports

PENDER GROWTH FUND ANNOUNCES SALE OF INVESTMENT

Pender Growth Fund (VCC) Inc. has entered into a binding agreement to sell its interest in one of its significant investments. The fund is also adjusting down the value of another investment.

As a result of these two developments, the net asset value of the fund will increase by approximately $2.4-million or 60 cents per Class C common share. As of today, the total net asset value of the fund is approximately $17.0-million or $1.91 per Class C common share.

As a result of this transaction, the fund anticipates that it will be in a position to redeem approximately $3-million of Class B and R shares that have been submitted for redemption.

The closing of the transaction is expected take place before the end of July. The fund will provide further details at that time.